Assume That the Market for Pencils Is in Equilibrium and That

question 55

Multiple Choice

Assume that the market for pencils is in equilibrium and that demand is very price elastic.The popularity of digital tablets and electronic pens increases and demand for pencils declines.The equilibrium change in quantity demanded is

• A) zero.
• B) relatively small.
• C) proportional to the shift in demand.
• D) relatively large.
• E) infinite.

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